Port Moresby, Papua New Guinea - In a grim outlook for Papua New Guinea's economy, citizens are facing the prospect of further financial strain as the cost of basic food items is expected to escalate throughout 2024. Bank of Papua New Guinea (BPNG) Governor, Elizabeth Genia, delivered a sobering assessment today, acknowledging that inflationary pressures will persist due to the ongoing depreciation of the Kina against the United States Dollar, the primary international trading currency. Governor Genia conveyed these concerns while presenting the 2024 Monetary Policy Statement, reflecting on the economic landscape over the past six months. Governor Genia emphasized the Bank's commitment to closely monitoring the situation and implementing appropriate monetary measures in response. "Over the next six months, we anticipate having to make some tough decisions to stabilize the economy," she asserted.
With economic challenges looming large, Papua New Guineans brace themselves for further hardships in the year ahead, as the nation's central bank prepares to navigate through turbulent financial waters. Also read Comments are closed.
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